Ryden plans to be more prudent in coming year

The managing partner of property consultancy Ryden says the company will take a more 'prudent approach' in the coming year but has no plans to streamline staff despite a slowdown in the commercial property sector.

The managing partner of property consultancy Ryden says the company will take a more 'prudent approach' in the coming year but has no plans to streamline staff despite a slowdown in the commercial property sector.

Fiona Mor ton, recently appointed to a further three-year term heading the company, told Business7 Ryden is "cautiously optimistic" the commercial property sector will bounce back once the financial markets settle.

The award-winning businesswoman is confident opportunities for investment in the commercial property market are out there but investors are waiting to see if the market bottoms out.

And she sees no need to panic as property prices go through a period of correction, believing the market will bounce back once financial institutions open up lending to business again. She said: "We had another good year for the business, but we are taking a very prudent approach at the moment. None of us could have foreseen the restriction in supply of debt but we have a very diverse business strategy and no direct exposure to the residential property market.

"So far we haven't seen much effect in our income but we have seen a reduction in the market for investors. But the fluctuations in the market coupled with the problems with obtaining debt is affecting the whole country.

"In our sector, London is the place where big deals are done, but there are no big deals happening at present.

"We have to remember that we have all had a very good time over the last few years. The market had a long bull run and we were doing very well at what we do.

"So we're just rolling up our sleeves at the moment, but the present situation is not the end of the world and the situation in the finance sector could improve quicker than we think.

"The value of property is correcting, and there are some institutional investors buying into themarket. There are some signs that market falls are bottoming out in commercial property, but demand for occupied space is still reasonably steady in Scotland."